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of just 2.5% in the u.s., 1.5% in canada and zero growth in the uk. locally, cutbacks in government spending weighed on the numbers and lower commodity prices also impacted on cash flow and the government is facing more criticism about its effort to keep the budget in surplus while the economy grows. >> the government has had the objective of making sure that we would bring our budget back to surplus when growth has been around trend. what we've been seeking to do through good budget policy has been to provide maximum flexibility to the reserve bank to a just rate so. the government will always put in place appropriate budget settings which will support growth and jobs. >> still, analysts say growth could slow further as the mining investment boom peaks. yesterday, the bank of australia cut interest rates to a record low of 3% and traders are looking further easing next year to offset the falling talks of trade, the high australian daughter and further cutbacks in government spending. >> despite that prognosis for rates and the fact that we're now matching the record lows here, the
in a state, the federal government can't recognize those marriages. that's where you talked about federal benefits heterosexual couples get and same sex couples do not. the prop 8 thing is bigger. while potentially it's confined to the state of california only, the question it out there having given the right to gay marriage could the state then take it away through proposition 8 passed by a majority of the vote nurse 2008. having taken that case, the court could get to the bedrock issue. can any state refuse to let same sex couples get married under the federal constitution. it could potentially be narrow or very far. >> pete, as i understand it, let me ask you. this one of these things, maybe the driving one, is defense of marriage act was about paying the estate act. where one of the two people said she didn't have to pay the estate tax because a married couple wouldn't have to. >> reporter: this is a case from new york. a woman named edie windsor who married her partner in canada. the partner died and left edie the estate. the federal government said we can't recognize you as married.
, government bonds, where do you want to be. and equity in my mind mind is absolutely not. you need good growth numbers to justify the equity markets going up. now, i think there's a lot of investors looking at the yields on ghoechlt bonds or credits and that's motivating them to move into equity. i think the numbers are actually going to be relatively small. and i would certainly advocate against doing that because as you were saying, weak numbers, unless you see some much stronger growth, it's hard to justify current valuations. >> both of you stick around because we'll talk about china in just a second. today we'll be out in tokyo, as well, to assess what options the bank of japan really has. policy will not be dictated by market opinion. we'll take stock of britain's progress towards deficit reduction, this ahead of the chancellor's autumn statement. senior fellow for international economics. will the numbers live up to the expectations. meanwhile, over in ghi narks the mainland's factories are crank out more goods at the fastest pace in month. >> chinese factories appear to be recovering.
to expand the government. i wish the majority of the middle class saw it that way. more than half the country felt that his left wing agenda was it. it isn't eventually the middle class is going to get nailed. and the spin will be that republicans jacked up the economy so badly. >> i think that is where this is going. i think there could be a tax and maybe it can't get through congress. but i have never seen a time, i have seen polls on this. taxing the rich. they know that. one last point here. going from government to welfare getting a job. do you know there is a high tax rate? we have to figure out a way to make it work so that people don't get hurt. >> i think the government is probably 80% too large. that would be a tremendous engine to close the gap between the rich and the poor. they can will to their children. we don't have that now. i think that is the engine of both in the conneconomy. but i'm not going to give up the fight. larry elder. well done. good luck on the book and the radio show. >> let's get to good news. i'm going to take a closer look at sunshine next up. st
's middle class. so i think it all is positive sentiments. the government is pumping more money, drive the infrastructure development. and i think that in the medium term over say the next couple months, the losses should be much better. >> all right. andrew, thank you. stick around. we'll come back to you you and talk more about the luxury sector. nick has views, as well, on the chinese stock market. speaking to cnbc a day after delivering his autumn statement in parliament, he said the budget plan would continue to attract investment to the british dealt markets. >> we have to get a control on spending. that's why i'm operating benefits by less than the rates of inflation. it's forecast to continue to fall, so we are making progress. britain started with a large deficit, but we're getting it down. >> you've drawn criticism about the lack of supporting growth. when will we see measures that booth the long term growth of the economy. >> i think you see two sorts of measures. big structural reforms to education and welfare, but also yesterday changes to our tax regime. so we now have on
detroit bankrupt city government, too. this sure isn't the free market, and i asked why should a texas taxpayer bail out detroit? >>> breaking news from syria, and it is a blockbuster. the assad regime is walking and loading its chemical weapons, ready to use them on its own people. nbc's chief pentagon correspondent joins us now. jim, is this the red line president obama was warning about? >> well, not quite yet. u.s. officials tell us that the syrian military is poised to use chemical weapons against their own people, and all it would take really is the final order from syrian president assad. but we have learned that as of today, all the precursored chemicals for that deadly nerve gas have in fact now been loaded on to aerial bombs, but those bombs are still in the depots. they haven't been loaded on to airplanes yet, and president assad hasn't given the order. but they're pretty close, larry, and that's why earlier this week, of course, president obama issued a very strong statement aimed at president assad saying look, if you use these weapons against your people, there will be se
this warning. so so at this point, there is not a crisis in the government, but the pdl dismantling the party and creating tension. >> claudia, who at the moment is -- which of parties would get the most seats in terms of polls and stuff in who is leads and would it benefit them if we had early elections? >> it doesn't look like there would be a lot of change, but if the pdl doesn't have time to get an alternative, it just leave as stronger center left which showed a very positivout come the way it managed its primary. so they have the majority, the center left. and the green leaf party is after that which just takes away from the center right government. so at this moment, it is the center left. >> claudia, thanks for that. let's get to today's global market report. equities in europe as you can see weighted to the down side around about 6:4, decliners outpacing advancers 3:2. that kind of ratio. show you where we stand with european markets. ftse 100 just down three points. xetra dax flat. up 27% this year, at the highest levels now since 2008. fresh 52 week high we closed at yesterday, as
increases. we're saying it now like it's normal. 25% of gdp for government spending and you've got bloated government already, you start there. you start at government spending. you don't immediately start spending another 50 billion in stimulus. >> that's going to be the question that boehner has to deal with. the president will have to deal with the far wings of his party. boehner started doing it. did you see they removed two tea party members from the budget committee? >> i don't want to raise taxes to fund 25% of gdp. >> and actually, the american taxpayers are being told to pay their fair share. they want to see real entitlement reform as well. but you have to deal with the issue on the table. i mean, the spending right now is a percentage of gdp is 24%. it's projected to go substantially higher. do you know that medicare and medicaid didn't exist 50 years ago and they're now a quarter of the federal budget? >> i know. it was supposed to be supplemental. david walker was on the other day talking about obama care which is supposed to save us a trillion dollars and the actual cost, wha
-called haircut can be revisited. in the past, merkel's government had ruled out forgiving any debt. >> in corporate new, ubs is reportedly close to a settlement. the "new york times" says the swiss bank is expected to pay horn $450 million over claims that some of its employees submitted false libor rates. that's pretty huge story and we will take a look and ten to see what happens with this. also morgan stanley trader is under investigation by cme regulators over trades and treasury futures four years ago. at the time he was employed by goldman sachs. he's now head of global interest rates products at morgan stanley. the probe is aimed at establishing whether hadden's late trades hat manipulate closing prices and made other trades more profitable. also singapore airline says that it is in talks with interested parties to sell its 49% stake in virgin atlantic. delta is reportedly among the potential suit ors. delta is said to want to gain access on injury gain's landing rights at london heathrow. >> biggest international hub h around. i think an dwderson is really g. it's profita
the presidential palace today. jim joins us now on the telephone. >> well, those tense of thousands of anti-government protesters who did the marching on the presidential palace were initially met by riot police who blocked off all approaches to the symbolic seat of power, the palace. these protester were calling loudly for an end to president morsi's decrees. we know they've given him near absolute power. they also call for a cancelling of that snap referendum that he's called for to ratify a draft constitution, which many critics here are saying favors egypt's islamists. at one point, the police were seen firing tear gas into the crowd, but that backfired when some protesters broke through police lines. police then dropped back, regrouped, and order soon returned. eventually morsi's motorcade was seen leaving the palace. then the police slowly left the area as well, leaving it to a lot of baffled protesters, wondering what to do. many of them went home at that point. maria, the opposition calmed this protest a last warning. it may give them a shot in the arm. they did look good tonight and looked li
except trying to rein in government. >> the truth of the matter, what's a starting to happen is that international investors, the fact that we cannot govern is going to really come home to roost. >> gld man says this is the first time he's seen people take it out of american markets. >> it's he supposed to work this w way. they can't govern either. >> i was so hopeful, i wasn't obviously thrilled with the election results, but i actually thought that result might be the result we needed to get thefshs done. >> in a way you you have the situation where -- >> you extend 98 but not the 2? believing that story is so -- >> either raise them on everyone or raise them on -- either it will hurt the economy if you raise taxes or it's not. on 98 it won't hurt, on 2 it will -- >> we'll have more on this argument. in the meantime, let's talk about some of the other headlines. financial firms are gathering for the goldman sachs financial services contractors. a key presenter is brian money tha moynihan. we talked about his reports of planned fee increases. plus there was the issue of pres
government that comes into power to more or less stick to the plan morsi set out. on the other hand, there's always spain, the worries that with 25% unemployment, that you would see the default rate particularly on residential mortgages shoot up, it's 3% now, which is pretty amazing given the struggles within the economy, but we think it will go up somewhat, but really not any more than people have already priced in. >> and then ten year yields, 5.24%. at the moment, relatively speaking, pretty comfortable. >> maybe a little bit too comfortable and we certainly don't want to get complace complacent.yields are where they were say in march of this year and then subsequently they shot up to 7.5%. we know with the draghi put that that won't happen, but we don't want to think that there is only one way -- >> yesterday said, look, sort of the idea of the risk on phrase, certainly for -- he was looking at it from credit markets, but would stay on until the middle >> i think lite bit more selective. it won't be just everything goes up now. we have to start thinking about companies and sectors agai
% of leading investment professionals predict a shorp stock decline in the market if the government fails to come up with a deal. in this case defined as a more than 10% drop in the dow. 56% surveyed foresee a deal to avoid the cliff by year end, 44% predict failure in the ongoing negotiations. as for corporate america, through yesterday's close, there have been # 70 announcements of special dividends. these special difference deebds are valueded a more than $30.1 billion. among the latest names, mcgraw hill will pay a special dividends of $2.50 a share before year end. and drop its previously announced plan to buy back up to $200 million more of stock this year. >> everybody's paid their dividends this year, so they won't be paying them next year. >> this is a major issue. what's going to happen is -- we have two great economists onset. but that money will get annualized, so the 30 in the gdp accounts is 120. they'll multiply it by four on the dividends income. it's quarter to quarter change at an annualized rate. so it's times four. there is the marginal propensity of those people to ge
to dangerous levels that might have required a government bailout. a lot of people weren't marking things where needed to go. >> i have a lot of questions about this story. it's an amazing allegation. $12 billion in paper losses. >> a lawyer from one of the whistle blowers will join us at 6:50. in a statement to cnbc, the bank says that allegations have already been investigated and all accounting was proper. >> my biggest questions are the allegations say the bank was doing it 2007 to 2010 and nobody came forward until late 2011 to make any complaints. i just wonder if you had been complaining the whole time along -- >> we just had this discussion about how far away do you need to be to where it's a false mark. at least 10% wiggle room. there were no buyers. if there is buyers, does that make it zero. >> basel 2 created a system that if things became less liquid, there is no change in the actual value of of the underlying asset. just couldn't sell it. so it's a bit like saying my house is a lesser asset because i can't accept it right now even though i don't want to sell it right now. >> who m
surprise to everybody. >> this is a very strong number. i think only u.s. government now can stop this kind of job growth. a fiscal cliff go over -- >> snatching victory from the jaws. >> a superstorm. nothing can stop the generation of jobs in this economy. >> there's a great article today in one of the papers about how apartment building, we have a shortage of apartments and shortage of housing and shortage of autos and shortage of office buildings developing, shortage of shopping centers, shortage of shopping malls. this is what begins a movement. you have to hire eventually. now you could say people are not looking for work, come on. look, jobs are here. they can -- it can be just easily reversed if you have no idea what is the future because of washington. >> given the data points that we've had in terms of claims numbers that did reflect an impact from sandy, they said 85,000 jobs or 86,000 jobs were sliced because of impact of sandy. average hours worked unchanged. doesn't that -- i don't know -- doesn't that bring into question a little bit the participation in the survey. how can i
revisions were almost all in government. mandy makes a good point. 150,000 a month, which has been the average over the past is a months or so, is not great. if this was a normal recovery, we'd be growing at 4% instead of 2 on gdp. employment would be well over 250. however, the good news in today's report was if you look at the household survey, there was clearly a hurricane effect in these numbers. we might actually have printed over 200 absent hurricane sandy. i would argue the trends is getting better. as jim pointed out, we need some clarity on the outlook, and the cliff is very important. if we go off the cliff, even if that number had been 250, the numbers still would weaken next year. >> jim, you have to make money in the meantime. where do you put your money? where are you putting money to work right now? >> well, i'm pessimistic. i share austin's view that i think we're going to go off the cliff and push this thing to february with the debt ceiling bill. as that reality comes in, the market is going to continue to struggle. i would avoid risky assets right now. i'd play s
a section of the community that's addicted to the government. so one question is what do we do about the welfare state. another question is whether we shut our borders and allow for some type of comprehensive plan to allow for people to come in here and live free. as long as we have welfare, larry you're not going to be able to address the immigration problem and say oh, this will be fine for now. >> i understand. to be honest, i agree with you but i think most of them come here to work. i believe that in my heart and i think the statistics tend to show that. >> two between rations ago, larry. two generations ago, not now. >> star u-can't give up otherwise you'll never elect another republican. the same thing will be true with asians. they people come network. they have a good entrepreneurial background. they are church going people. the point is that community going to pay any minds to the gop if they still believe republicans will deport them, throw them back over the border. don't let the kids go to local schools if the parents came illegally. don't let the kids go to texas colleg
for the economy. we can make the government use the taxpayers' money more efficiently, lock in some spending savings and do some long-term entitlement reforms to make sure americans feel like they can retire with dignity. >> i want to make sure we're talking about apples and apples here, which is so hard in this discussion. the $800 billion which the republicans put forward, which would be a cap on deductions, how does that compare with how far the information is prepared to go when it comes to raising revenue from capping deductions? >> we don't actually know what the republicans think they can do in that context yet, because they haven't told us how they would propose to raise the $800 billion. we don't know whose taxes would go up. we don't know the mixes of rates and limitations they would support. we think there's a good case as part of an agreement alongside a tax increase on the wealthiest 2% of americans. we think with that mix of rates and deductions, we can reach agreement on something that's very good for the country. >> do you have a number? is there a number that the administrat
sector. i think we are starting to see a slowdown in the job loss from the government sector. so, i think we're going to be seeing a better than half speed recovery. so, you do want to be taking a balanced approach. we do favor the consumer discretionary at this point offsetting with health care. >> gentlemen, thank you. more breaking news coming away right now. thanks for your thoughts. appreciate it. >> we have the letter. let's get to eamon javers. >> this is the letter speaker boehner sent to the president of the united states. the language he's choosing is important to understand, as he draes the president. the speaker saying, after a status quo election in which both you and the republican majority in the house were re-elected, the american people rightly expect both parties to come together on a fair middle ground and address the nation's most pressing challenges. the speaker characterizing this as a status quo election. that's not the way the white house sees it. the white house sees it as an election they won and they picked up seats in the congress. the speaker here reminding th
to reduce government spending. >> i don't want to belabor the point on people going home but i assume an awful lot of members who have gone home are hearing from their constituents, go back and go to work and solve the problem here, rise above the partisan rancor. >> yes. >> the congress was on a holiday for thanksgiving not that long ago. let's talk though about three areas of real critical importance in this discussion. one is what would you do with respect to reducing the growth of spending in medicare? what specific steps are you willing to put on the table? >> well, let me give you something that -- it's very sensitive. but end of life is where 70% of the medicare dollars go, and yet we have a society where most people will not do a living will. i did a living will with my 90-year-old dad. it was very difficult. he died shortly after. but he told me, hey, do not keep me on life support, it costs a lot of money, plus i don't want it. if do you it, i'll come back and haunt you. but it was a good process. i see as a member of congress so many people who are estranged from their pare
moving to a different inflation adjustment for social security and other government programs. they also talk about reform of medicare to include private sector competition with a traditional fee for service medicare plan. all of those are things that are within the zone of discussion that both -- between the two of the parties. now, president obama went on twitter this afternoon, took questions from the public to try to build pressure on republicans. he got one question from an average person saying, well, will my mortgage interest deduction be threatened by these fiscal cliff talks? and the president used that as a lever to say, that's why rates have to go up, because if they don't, they're going to sister to squeeze middle class deductions. that's the president trying to put pressure on. but i think now that we have offers on paper from both sides, there at least is a prospect we'll have more serious bargaining in the days ahead. >> yes. and that is good news. thank you so much, john harwood with the latest there. more now on the fiscal cliff. one of the industries with the most at st
gratefulness, even if we think the government may be profligate with our money. enough already! i want others to do well too. so don't get the idea -- i'm not against the next guy doing better. the idea is that the small business person that everyone claims to be looking out for and the middle class people everyone pledges to, they do need a chance. but here's what the polls are missing, we are seeing rumblings if washington would stop intruding and go away and agree to a sacrifice. i know some are saying the president's taking a hard line. and i was none too happy with the press conference. if democrats don't get their way, i was preplexed by the rhetoric. as perplexed as grover norquist, the unelected head of the republican party can insist that voting for any tax increase after pledging to his organization not to vote for a tax increase is a death sentence for your political career. listen up, washington, we get a deal, any deal at this point we could have an economic boom that would make the benefits of even a bad deal done far outweigh the cost small business to the middle class, subchap
preeshtd it. and katie pavelich, we appreciate it. >>> egypt's government deployed tanks around the presidential palace today after clashes with protesters killed seven people. in syria, meanwhile, rebels continue to advance on damascus, prompting concern that president assad's regime will respond with chemical weapons. question, should the u.s. intervene in any of these here now is mark ginsburg, former white house middle east advisor. welcome back, mark. here's the thing. we drew a red line, president obama drew a red line over these chemical weapons of mass destruction. at what point do we have to start bombing them to prevent them from moving and utilizes those weapons of mass destruction? when's that happen? >> larry, the fact of the matter is that i already know some of those weapons have been moved and put into the hands of the iranian revolutionary guards operating in syria and also i believe some of it has been sold to hezbollah. so as far as i'm concerned, there's some of that red line that's been crossed. but to answer your question, the fact remains is that if the in
the cliff. rich will pay more of their fair shares and higher taxes on dividends. government spending sliced where it should be and and the bloated defense budget. unnecessary social programs. me? i think we aren't where we need to be yet when the it comes to abandoning all the hope. i think the postfiscal cliff world has -- not to matter. those people are polyannas. i think we go into a recession with lots of layoffs and the fiscal cliff was designed to compromise. the cliff was designed to scare legislators into rising above politics and compromise. everyone knew about the growth. just like in europe. means it could be, in fact, reduced dramatically. fewer jobs, larger deficit. not smaller. and the federal reserve that's throwing up its hands, can't do anything. as i said last night, it doesn't matter. we can pick our stocks and buy them down. like the fabulous names, amazon, ulta salons. buy them down in scales like i outline in the book "real money." now suggesting other groups giving you a bang for the buck. new groups betting that the hope will be squeezed out and the bottom gets put i
. the government finds exporting it is better than keeping it here at home. >> apple as we mentioned in the spotlight today, shares of the tech giant coming off their worst day in four years, sliding back into bear market territory. the one day loss erased nearly $35 billion in market cap. that chunk is bigger than 400 other s&p 500 companies. apple ceo tim cook talked to nbc's brian williams in our rock center exclusive. >> why can't you be a made in america company? >> you know, this i found, as a matter of fact, the engine in here is made in america. and not only are the engines in here made in america, but engines are made in america and are exported. the glass on this phone is made in kentucky. so we have been working for years on doing more and more in the united states, next year, we will do one of our existing mac lines in the united states. >> you can see the entire interview with tim cook tonight on rock center, that's 10:00 eastern time on your local nbc station, but for now investors are watching the market. apple shares 5.31, which is close to the main lows. this is clos
coming from the government. they haven't said anything but that's not the problem. this has been going on now for months and months on end. selling shanghai and buying into hong kong. there's a couple problems. number one, shanghai is completely domestic market. let's face it. less sophisticated investors and too many shares of shanghai stocks out there. the owners of these stocks have flooded the market, carl, in the last couple of years with too many shares. so there are way too many shares of these stocks on the market and this constant calls to buyback stocks from mainland china. the important thing here is hong kong is an international market. international investors can get in on that deal. that's why i think -- i don't know how jim feels about this. if you ask who is right shanghai or hong kong, i would go more with hong kong outlook than shanghai outlook. >> totally agree. great report. >> i want to get back to phil lebeau on ford. brought us numbers but now predictions on production next year. >> the key here is production drives revenue which drives earnings and this is impor
with the yields commensurately lower. a rick i asks so pointedly and often, would you lend the federal government your money at 1.6% for ten years? evidently, a lot of people l i wouldn't. go back to january harwood at the white house, president obama talking about the fiscal cliff. john? >> i wanted to play a soundbite from the bloomberg interview that i mentioned to sue a few minutes ago. one yes offered a carrot to say if you do that in the short term, put revenue on the table concretely in that way, we will have a long process of tax entitlement reform that could end up reducing the rate in 2013. here is the president. >> not able to come up with a comprehensive tax reform package that gets it all done just in the next two weeks. we are not going to be able to come one necessarily comprehensive entitlement reform package that gets it all done in the next two weeks. when you luke at what ronald reagan did back in 1986, working with bill bradley and others, that was a year and a half process. what i have suggested is let's essentially put a down payment on taxes, let's let tax rates on the uppe
business. >> but mgm/mirage is shut out because the government says a law banning sports betting over the phone also bans all gambling on the internet. obviously, it hasn't stopped u.s. citizens from doing it, but it has stopped u.s. companies from offering it. >> the vast majority of wagers that are placed on the internet now are done offshore and illegally. and i, for one, think that to enact laws that you can't enforce makes no sense whatsoever. >> lanni and mgm/mirage set up their own offshore gambling website a few years ago, but to stay within the law, they could only accept bets from gamblers outside the u.s. >> we just didn't make any money; that was the problem. >> so you shut it down. >> we did. >> it's all very odd. >> well, no, it is odd. there's no doubt about that. i mean, there's gaming in every state but two states in the united states. if it's legal there and if it's regulated and taxed and we're comfortable with it there, why don't we allow it also in the area of internet where people--so much commerce is going through the internet right now? it makes no sense. >> ev
buy silver and gold. you can actually -- there's a big markup in coins. the government doesn't help. you can own pieces of silver and pieces of gold. >> do you have some on you right now? >> no, i don't. i have it buried in the backyard. i have it in a vault. never bury your gold in the backyard. >> i'll remember that. thank you for that advice. >> first we have to get backyard. >> el paso electric company celebrating tenth anniversary. yit celebrating its 100th anniversary. want to go straight to mary thompson with breaking news out of fdic. >> this is the fdic's third quarter breaking profile looking at how banks performed in the third quarter. profits for insured institutions rising to best levels in six years in the third quarter. higher profits driven by higher revenue and lower loan loss provisions. the company's third quarter operating revenue increased by 3% in the last quarter and that's a positive sign. it was the first time for the world's largest revenue that banks posted in three years. loan balances increased. it was slightly less than in the second quarter. we should
're readily available to almost every government in the region. many gulf states have them. intelligence indicates that the iranians either stole or perhaps bought this from under the table from some gulf state nation. but it doesn't appear that according to the u.s. navy, anyway, that there's any truth to the claims that the iranians actually seized a u.s. navy drone. >> all right, jim. thanks very much. >> we want to get to mary thompson. we have more breaking news right now on the arrest of a trader. mary. >> hey there, bill. this is about a securities trader, david miller. he's been arrested for wire fraud and charged with wire fraud by the connecticut u.s. attorney. in a statement, the u.s. attorney from connecticut stating this defendant orchestrated the unauthorized purchase of approximately $1 billion of apple stock in a fraudulent get-rich-quick scheme that back fired, causing massive losses for his employer. once again, rockdale securities trader david miller arrested and charges with wire fraud. back to you. >> all right, mary. thanks very much. we have 30 minutes until the cl
't want to buy the a shares, look at taiwan ewt. government is supporting that market. >> i'm melissa lee. thanks so much for watching. we have the ceo of lu lu. see you back here tomorrow night for more >>> i'm jim cramer. and welcome to my world. you need to get in the game. going out of business and he's nuts, they're nuts! they know nothing! i always like to say there's a bull market somewhere, and i promise -- "mad money," you can't afford to miss it. hey, i'm cramer. welcome to "mad money." welcome to cramerica. other people want to make friends, i'm just trying to save you a little money. my job is not just to entertain but to coach you and teach you. so call mel at 1-800-743-cnbc. it is so easy to be negative right now! >> boo! >> incredibly easy. and when the gloom lifts. >> the house of pain. >> it almost feels like a reprieve from some sort of stock market death sentence. as it did today with the dow climbing 83 points. the nasdaq declined .77%. largely because of apple, more on that later. now, i am not dismissive of the negativity that i see pretty much everywhere. we've got
taxpayer or any group of people who depend on government spending can be exempted from the serious problem that we have that's caused by this deficit is a mistake. everybody is going to have to pay for this. >> dawn, right or wrong, the defense industry has this reputation of being bloated, overcharging. are we at a point where we could afford to make cuts in defense spending to try and satisfy the needs of lowering the deficit in this country? >> you know, the real issue we've already seen through the budget control act, the defense has already witnessed significant cuts. i think when you're looking at the resolution here, resolving the negotiations so we don't go to the fiscal cliff, the real issue is everybody's got to participate. it's got to be a balanced approach. last monday -- well, earlier this week, 130 ceos in the aerospace defense industry sent a letter to the president saying we're urging a bipart son approach to this. it's got to be balanced. nobody is saying that defense isn't going to share in that. right now, sequestration, $600 billion, that's not a fair share. >> can i p
of management and budget has told government agencies to prepare for the possibility of sequestration spending cuts. although the white house says it is still confident of reaching a deal, that took the market off of its best levels of the day. ty? >> sue, thank you very much. >>> today we're doing "analyze this" a little differently. we're going to analyze the headlines. why? because we can do what we want to right here. jim iuorio, director of tjm institutional services joins me now. talk about apple. research firm idc says apple will lose some tablet share. in addition, core clearing in margin requirements from and toll 60. then there is a death cross of some thing -- >> don't put too much weight in it. idc said they'd lose this much market share in the tablet market which is exploding. i don't think it is a big deal. the apple story begins and ends with people taking capital gains taxes before they could potentially go up. what stock has had more loyal people in it longer and acued more potential as capital gains than andle? almost none in my opinion. that's what it is. a margin requiremen
. the europeans offered sensible plans and responsible governments stepped in. if you had been able to borrow a ton of money to buy them it would have worked. it may have been the single best investment of the 21st century. we are gripped by a similar hysteria about our own country. companies perceived to be the biggest loser. but it turned out to be an amazing trade. the stock traveled to $7.72. >> i can tell from the trading in the name it is not going to happen just yet. there are sellers everywhere. the only thing they have going for them is the debt. we know that when the cliff jump price jumps, well, i say the worst has been prepared for it. and key bank may be the worst of the bunch. it has been a terrible investment up until things turned. and then we will look back and say what were we thinking. why didn't we bid 7 and buy key bank instead of selling it like everybody else? stick with cram eexcramer. twins. i didn't see them coming. i have obligations. cute obligations, but obligations. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares c
the hard liners refuse to rise above partisanship in order to avoid a government mandated recession, which is what it's tantamount to doing, but we can't even get them to promise no vacation without legislation! >> boo! >> they not only seem mean-spirited, petty, reckless, and angry down there in washington, they're also slothful. have you ever been able to say to your boss, walk in, you know, hey, man i know i've got a huge project due, one that could bring down the whole company if i don't finish, but darn it all, hey, see you later, sport, i'm taking a vacation. i'm out of here! not only do i advocate no vacation without legislation, i want to know, a new one for you. a litmus test. i want to know which of these bitter and indolent politicians have tickets in their pockets to fly out of washington next week. i'm not kidding. i think we should ask each politician we interview, have you purchased tickets to leave without getting your job done? what's the date on that ticket? i'm not asking you about the first class stuff. i want a date. so gloom is a perfectly good attitude when it comes
. it looks like railroad tracks. residential investment and government infrastructure, which is way down from historical levels, and business structures investment, that's important, but the locomotive that pulls our economy is investment in equipment and software. whether it's for an oil cater in the basis or a high-tech start-up buying servers and routers and things of that nature. it's our reduced level of capital investment that's produced our low gdp growth rates and our high unemployment. and high tax rates at the corporate level worldwide are directly related to high unemployment levels. you've got to stimulate investment in the united states and a lower corporate tax rate and a so-called territorial system where you don't tax profits made, say, from selling disposable diapers in china to chinese citizens. has to pay a tax to come back in the united states. >> let me get your take, fred. everything you say makes a lot of sense. yet, here we are on the edge of this fiscal cliff. we're not sure what will happen. many people predicting we'll go over the cliff. if we go over the cliff and
there was bisupport to create this organization. it is important to note no fund governmenting is behind it. >> this is a totally private sector effort to start-up america partners. the jobs act passed by partisan support and the need for bipartisan support around high-skilled immigration in particularpy half of the people coming to our universities for advanced degrees, ph.ds and masters are from other countries but all too often once we give them degrees we kick them out of the country and force them back to their country and they start companies there that compete with companies here. that's a big focus in washington and hopefully there will be broad bisupport when the congress reassembles in jn after they get through the whole fiscal cliff issue and focus on making sure we have the right entrepreneur policies so we can remain the world's most trurl nation. that's what will drive economic growth up from 2%, driving unemployment down from 8% or so. that will ensure our competitiveness in what's now a more competitive world. we have to double down on entrepreneurs. it is the secret sauce t
tough decisions when it comes to government spending. because despite my reputation -- i think there are efficiencies that can be gained, some programs used to work and just don't work now, as a consequence with working with democrats and republicans last year we were able to cut over a trillion of spending. the largest cut, by the way, in discretionary spending in history. so we're prepared to make some tough decisions when it came tough to -- when you look at what's needed for us to stabilize our budget, stabilize our deficit to gdp ratio, then every credible will follow. we can't just do it on spending cuts. there has to be a balanced approach in which we also are bringing -- partly because our revenue levels are as low as they've been -- >>> we're trying to decide if this is worth sticking with. it's clearly not the president's mike that is turned on. you can sort of hear what he's saying, but not very well. as he makes headlines we'll bring them to you. so we'll get to some reas is lynn jenkins, republican tiff from kansas currently serving on the house ways and means. goo
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